Taxi Insurance for NYC taxis is strictly regulated. They have to have high commercial insurance. This makes people safe following any disaster.

A crash is compounded with layers of confusing legal and financial matters. Commercial insurance for drivers is absolutely crucial to understand. It is the most important refuge for victims of injury.

The Foundation: No-Fault Insurance (PIP)- Taxi Insurance

New York is a No-Fault state. So even if it’s not the other guy’s fault, insurance will pay for initial injury expenses. The Personal Injury Protection is responsible for protecting injured victims.

• No-Fault Coverage: TLC Vehicles must be insured for at least $50,000 in No-Fault coverage. This covers some of the most basic medical bills. It also includes up to $2,000 per month for lost wages.
• Filing: If you are a passenger, pedestrian or cyclist, you typically file with the cab’s insurer. If you were driving your own car, you would file with your own insurance company first.
• The Deadline: The official application (NF-2 form) must be filed within 30 days of the accident. This deadline is non-negotiable. And if you miss it, all No-Fault benefits will be forfeited.

The Other Layer: Liability Insurance and Suing the Drivers- Taxi Insurance

• No-Fault only covers economic costs. It does not provide for pain and suffering. In order to bring a claim for pain and suffering, your injury must be legally “serious.”
• IIRC NYC taxis very high insurance liability. Minimums are usually $100,000 per person and $300,000 per accident. This great policy ensures the people protection from commercial risks.
• You must prove the negligence of the taxi driver. GET A FREE LAWYER CONSULTATION NOW! Negligence could be drunk driving or texting at the wheel. The Magnum driver is an agent of the vehicle owner, (who in many cases are fleets) and the owner is vicariously liable for the driver’s negligence. This paves the way to the large commercial insurance policy.
• The Threshold: A “serious injury” is all-important. That translates to a fracture, serious disfigurement or disability that would last for 90 of the first 180 days. Satisfying this test allows a plaintiff responsible for pain and suffering.

The Drivers’ Role and Responsibility

NYC cab drivers are professionals. They must abide by TLC rules.. They must hold a commercial license. and for insurance a commercial policy on their car.

The commercial insurance carrier protects the driver when deemed negligent. It is the insurance company that pays any settlement or verdict. That way the person making the claim won’t have to take action against the driver directly. That puts the deep pockets of the commercial insurer in play.

Why Professional Guidance is Essential

It’s complex, the system itself on commercial insurance. Deadlines are extremely strict. Insurance adjusters are trained to downplay payout.

The importance of having an experienced personal injury lawyer is great. They meet all deadlines as they should. The lawyers gather necessary medical proof. The professionals establish that your injury is above the legal threshold. They play hardball with the taxi’s giant insurance company. This ensures you are provided with the full restitution that you deserve.

Don’t fight the system solo. Hire a practice of Experienced Personal Injuries and legal drivers’ liability Help  right away. Your health and financial future may also depend on it.

A private car insurance policy vs. commercial taxi insurance in NYC: What’s the difference?